Key Takeaways
Justin Sun and Andre Cronje assert that Binance does not charge listing fees, in contrast to Coinbase, which allegedly demands up to $300 million.
Simon Dedic, CEO of Moonrock Capital, claims that Binance requires a significant portion of a project’s total token supply as a fee for listing.
Tron founder Justin Sun and Fantom Network founder Andre Cronje have stated that Binance did not impose fees for listing their tokens. On the other hand, Coinbase is said to have asked for millions of dollars for similar services, challenging the public declaration by Coinbase CEO Brian Armstrong that listings are free of charge.
The dispute over listing fees at Coinbase and Binance originated from a post by Moonrock Capital CEO Simon Dedic. Dedic voiced his discontent with the strategies of cryptocurrency exchanges, Binance in particular.
He mentioned that projects aiming to list on Binance were subjected to “a year of due diligence.” After clearing this phase, they were purportedly required to relinquish a substantial portion of their total token supply as a listing fee.
“This is not only unaffordable for projects, but these tokens also significantly contribute to declining charts,” he remarked.
In rebuttal to Dedic’s remarks, Armstrong stated, “asset listings on Coinbase are cost-free,” inviting projects to submit applications via their Asset Hub.
However, Cronje, in his comments on Armstrong’s statement, shared a contrasting experience. He revealed that Coinbase had approached his project, Fantom, with listing fee proposals ranging between $30 million to $300 million, with a recent quote being $60 million.
Sun supported Cronje’s claims, unveiling that Coinbase had requested 500 million TRX (approximately $80 million) for listing TRON on its exchange. Additionally, he disclosed that Coinbase demanded a $250 million Bitcoin deposit for custody to boost liquidity.
Binance’s He Yi: Not all projects can secure a listing by merely paying a fee
He Yi, co-founder of Binance, stated that if a project fails to meet the exchange’s stringent review criteria, it will not be listed, regardless of the financial proposition or token percentage offered.
Yi emphasized that Binance assesses projects based on their quality and potential rather than merely their readiness to pay. She further highlighted that while Binance has specific guidelines for airdrops and collaborations, offering tokens or airdrops alone does not assure a listing.
In response to Yi’s assertions, Dedic expressed doubt regarding her denial of exorbitant fees for token listings.
“So, you’re suggesting those are outright falsehoods and Binance has never requested 15% or more of a project’s tokens? Ultimately, the terminology used to describe these fees is irrelevant as long as they are extracted from the efforts of hardworking founders,” he stated.
